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Intellectual Resonance DCAC Journal of Interdisciplinary Studies ISSN: 2321-2594 Intellectual DCAC Journal of Interdisciplinary Studies December - 2013 Vol.-I Issue-II Intellectual Resonance DCAC Journal of Interdisciplinary Studies Volume 1 Issue No. II ISSN: 2321-2594 Published and Printed by: DELHI COLLEGE OF ARTS AND COMMERCE (UNIVERSITY OF DELHI) NETAJI NAGAR, NEW DELHI-110023 Phone : 011-24109821,26116333 Fax : 26882923 e-mail : [email protected] website-http://www.dcac.du.in © Intellectual Resonance The views expressed in the articles are those of the authors Printed at: Xpress Advertising, C-114, Naraina Industrial Area, Phase-I, New Delhi-28 Editorial Advisory Board, Intellectual Resonance (IR) 1) Prof. Daing Nasir Ibrahim 2) Prof. Jancy James Vice-Chancellor Vice-Chancellor University of Malaysia Central University of Kerala [email protected] [email protected] 3) Prof.B.K. Kuthiala 4) Dr. Daya Thussu Vice-Chancellor Professor, Department of Journalism Makhanlal Charturvedi Rashtriya and Mass Communication Patrakarita Vishwavidyalaya University of Westminster Bhopal United Kingdom [email protected] [email protected] 5) Prof. Dorothy Figueira 6) Prof. Anne Feldhaus Professor, University of Georgia Professor, Department of Religious Honorary President, International Studies Comparative Literature Association. Arizona State University [email protected] [email protected] 7) Prof. Subrata Mukherjee 8) Prof. Partha S. Ghosh Professor, Department of Political Senior Fellow Science Nehru Memorial Museum and Library University Of Delhi (NMML) [email protected] [email protected] 9) Prof. B.P. Sahu 10) Dr. Anil Rai Professor, Department Of History Professor Hindi Chair University Of Delhi Peking University, Beijing, PR of China. [email protected] [email protected] 11) Dr. Roswitha M. King 12) Dr. Gautam Rajkhowa Associate Professor Senior Assistant Professor Department of Economics. Ostfold University college, Norway Chester Business School [email protected] University Of Chester, Westminster [email protected] 13) Sandy Das Sharma Research Head, Hansdhwani Foundation [email protected] Academic Executive Committee (AEC, DCAC) And Editorial Board, Intellectual Resonance (IR) 1) Dr. Rajiv Chopra, OSD-Principal 2) Dr. Surbhi Dahiya Chairperson, AEC Convener, AEC Associate Editor and Coordinator, Editor, Intellectual Resonance (IR) Intellectual Resonance (IR) [email protected] (+91-9990561016) [email protected] 3) Dr. Anita Bhela Member, AEC and Associate Editor (IR) 4) Dr. V. K. Tyagi [email protected] (+91- Member, AEC and Associate Editor 9811230112) (IR) [email protected] (+91- 9811732421) 5) Dr. O. P. Singh Member, AEC and Associate Editor (IR) [email protected] 6) Dr. Bir Singh (+91-9999114166) Member, AEC and Associate Editor (IR) [email protected] (+91-9313449318) Online Promotion - Sh. Vasant Sharma, [email protected] (+91-9312212527) and Dr. V. B. Singh Please mail your articles at [email protected] Editorial On this opportune moment as the Principal of the College, I feel delighted and priviledged to be the Editor of this Interdisciplinary Research Journal “Intellectual Resonance”. After going through the first issue and interacting with Editorial Team Board, I can very clearly visualize that “Intellectual Resonance” will evolve in the future as a Journal of high academic learning and research with a holistic concern for quality of life, environment, society and ethics. First issue saw great success. I hope the same for our second issue which is to come in December, 2013. We would like more and more articles on various subjects and issues so that we continue with our efforts in inspiring people to think on the line in the correct prospective. Dr. Rajiv Chopra OSD-Principal Contents Title Page 1. Feldstein-Horioka Puzzle and Saving-Investment Relationship in India during Globalisation Era Sh. Santosh Kumar 1-7 2. Youth and Civic Engagement in India: A Case Study of National Service Scheme of India Dr. Vijay Laxmi Pandit 8-11 3. Contextualizing E-Governance in New Media Milieu Dr. Dharmesh V. Dhawankar 12-18 4. Rise of China in the International Politics Dr. Mukesh Bagoria 19-23 5. Empowerment of Women in the Twelfth Plan Dr. Garima Malik 24-32 6. Envisioning ICT enabled teaching learning processes: Challenges & Possibilities Dr. Anubhuti Yadav 33-40 7. Excavating social accountability at the site of intertext: Analyzing the recent readings of popular cinema in mainstream (print) news media Ms. Saumya B Verma 41-47 8. Understanding the Development Model of Open Source Software and its Applications Ms. Madhu Kumari1, Dr. Sanjay Misra2 and Dr. V.B.Singh3 48-54 9. Intrinsic and Extrinsic Factors in Job Satisfaction; A Case Study of Physical Education Professionals Dr Sunil Kumar Dahiya 55-64 10. Towards Constructing Indigenous Political Identity: A Study of Tomson Highway's Kiss of the Fur Queen Dr. Santosh Bharti 65-72 11. Communication and Modern Civilization Dr. Shilpa Chowdhary 73-75 12. Contextualizing the Ethnic issues in Assam with reference to Bangladeshi Migration Ms. Pallavi deka 76-80 13. Is Democracy A Universal Concept? Dr. Tamanna Khosla 81-89 14. Impact of Media on the Agricultural Sector in NE India Dr. Ganesh Sethi, Naorem Nishikanta Singh 90-95 15. A Study Of Occupational Stress Among Primary And Secondary School Teachers In Sirsa Dr. Neeru Bala and Sh. Darpan saluja 96-101 16. Poor Business Ethics raises the need of Forensic Accounting Ms. Shallu 102-109 17. Need of the Code for Paparazzi Dr Deepak Shinde 110-114 18. Reliability of Time Domain HRV Analysis Dr. Pawan Kumar1 (Assistant Professor), Dr. Dhananjoy Shaw2 (Associate Professor), Dr. Manoj Kumar Rathi3 (Assistant Professor) 115-119 19. Politics as A Process of Governance Particularly In The Context of Urban Local Self Government Dr. Arti Rastogi 120-124 20. The Impact of Economic Reforms on Indian Economy An Assessment Mudit Gupta*, Moumita Dey** 125-131 21. A Study of Sectoral Analysis of Retail Industry In India Dr. Rajeshwari Malik 132-140 22. Unreal World, Real Fears : Social networking sites making kids dumb? Ms. Shruti Goel 141-144 23. Study to see the Impact of Marketing Mix elements on Consumer Buying Brand Preference for Sports Utility Vehicles (SUVs) in New Delhi Ms. Sangeeta Gupta 145-153 24. Goddess as Consort and OEakti Ms. Priyanka Thakur 154-159 25. Trends and Patterns of FDI Between India and The LAC Region An Initial Exploratory Analysis Ms. Sumati Varma1, Rishika Nayyar2 160-168 26. Paid News in the Indian Media: A deep-rooted malaise Dr. Surbhi Dahiya and Sachin Arya 169-178 Feldstein-Horioka Puzzle and Saving-Investment Relationship in India during Globalisation Era Santosh Kumar Abstract- Feldstein-Harioka Puzzle brings out contradiction with the hypothesis of free capital flows by looking at co-relationship between domestic saving and domestic investment for globalised economies. Puzzle states that in spite of countries having free capital flows do not have a weak relationship between domestic saving and investment. This questions the argument for free capital movement as source of raising domestic investment at higher level. The current paper investigates the same issue in case of Indian Economy which has gone through current and capital accounts liberalisation. The Feldstein-Harioka Puzzle still holds in case of Indian economy for the globalised period between 1991-92 and 2011-12. Key Words - Savings-investment relationship, Capital account liberalization, Feldstein-Harioka Puzzle, OECD, Globalisation, Indian Economy, Net capital inflows. Introduction other countries where the rate of return is better. India has gone through implementation of a So the given fact that in world of perfectly mobile series of economic reforms intending to integrate capital there should not be perfect relationship it with the rest of the world. 1991-92 was the time between the domestic saving and investment. On since when various measures have been adopted the other hand if there is close to perfect in the framework of globalization, privatization, correlation between domestic saving and and liberalisation. Liberalisation of quantitative investment then the assumption of perfect capital and qualitative measures with regard to the mobility does not hold. In case if there is current account was a natural outcome of the neo- substantial inflows of foreign capital in the liberal economic policy framework. This country and simultaneously there is close to initiative necessitated the removal of certain perfect relationship between the domestic saving restrictions on the capital account of India. and investment then this violates the whole Enactment of full convertibility of Rupee on purpose of capital account liberalisation to current account and partial convertibility of enhance the level of savings. A study was Rupee on capital account was very significant conducted way back in 1980 by Martin Feldstein step in integration of India with the rest of the and Charles Horioka looking at the relationship world. It was also argued by many economists between saving and investment of 16 OECD that globalization will lead to saving surplus countries for a period of 15 years (1960 to 1974). countries to invest in India where investment was They found that there was close to 1 relationship being perceived as being constrained by the coefficient between domestic saving and limited saving pool within the economy. It is domestic investment rejecting the hypothesis of based on the fact that in a world of perfectly perfect world capital mobility. This paper mobile capital any country's level of investment attempts to undertake the similar exercise about will not remain constrained by the level of India after its experience with the capital and savings of that country as long as the return on current account openness over a period of twenty investment is attractive. Simultaneously if the years (1991-92 to 2011-12) to see if the domestic return on investment in that country is not that savings explain the investment behaviour in lucrative then domestic saving may flow out in India during the post-liberalisation period in Santosh Kumar is working as an Assistant Professor, Dept.
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